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Budget 2026: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026. This is the first time since Independence that the Budget is being presented on a Sunday. It also marks her ninth consecutive Budget speech under Prime Minister Narendra Modi’s leadership. During her address, Sitharaman announced the launch of Semiconductor Mission 2.0.
During her address, Sitharaman announced the launch of Semiconductor Mission 2.0, aimed at building a strong technology ecosystem and a skilled workforce through industry-led research and training centres. The government will increase the mission’s outlay to Rs 40,000 crore to further boost the sector, which will focus on producing equipment and materials, creating complete Indian intellectual property (IP), and strengthening supply chains.
The first phase of the India Semiconductor Mission (ISM) was announced in late 2021 with an outlay of ₹76,000 crore. It currently has 10 projects under construction, with four expected to start chip production this year. Positioned as a cornerstone of India’s strategy to reduce import dependence and strengthen strategic manufacturing capabilities, the mission aims to help India become one of the world’s top four semiconductor manufacturing nations by 2032, according to Union IT Minister Ashwini Vaishnaw.
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Adding further, FM Nirmala Sitharaman highlighted the rapidly growing Animation, Visual Effects, Gaming, and Comics (AVGC) sector, which is expected to require 2 million skilled professionals by 2030. To support this growth, she proposed assisting the Indian Institute of Creative Technologies, Mumbai in setting up AVGC Content Creator Labs in 15,000 secondary schools and 500 colleges across the country.
Meanwhile, the Economic Survey 2026, tabled on Thursday, projects India’s economy to grow at 7.4 per cent in the financial year 2026 (FY26) and between 6.8 and 7.2 per cent in FY27. The growth is expected to be driven by regulatory reforms, a strong macroeconomic foundation, and renewed private sector investment.
FM Sitharaman highlighted three key priorities (kartavyas) for India’s growth: economic growth, fulfilling people’s aspirations, and promoting Sabka Saath, Sabka Vikas. She focuses on scaling up manufacturing across seven strategic sectors and revitalizing legacy industrial industries to boost productivity.
It aims to create champion MSMEs, strengthen small and medium enterprises, and accelerate infrastructure development nationwide. The strategy also seeks to ensure long-term economic security and stability while developing city economic regions to promote balanced growth across different regions of the country.
